ONGold revives Monument Bay with 2M oz resource

AI desk brief

ONGold has updated Monument Bay to a current resource of 2.0Moz measured and indicated, plus 491koz inferred, based on 74.4Mt at 0.84g/t M&I and 24.5Mt at 0.62g/t inferred. The model uses a $3,000/oz gold price, a 0.2g/t cut-off, and says about 80% of contained gold is in M&I; however, the new estimate carries more tonnes but lower grades and fewer contained ounces than the 2017 Yamana model, and ONAU fell 11% on the day.

The resource excludes tungsten for now, but ONGold says re-logging and 13,900 tungsten assays have again found higher-grade tungsten associated with higher-grade gold in parts of the deposit. SRK has proposed an initial 20-hole, 11,150m drill program aimed at higher-grade zones in the central and eastern deposit, including deeper mineralization below the current pit shell.